Asciano to issue bonds but not here
With the release of its interim results last week, Asciano reminded investors that it has some A$2.25 billion of debt to roll over by 2012 and outlined plans to sell bonds to finance half this amount. Moody's and S&P also announced, just prior to the release of the interim results, that they had assigned identical 'Baa3' and 'BBB-' ratings to Asciano; both with positive outlooks.Asciano went on to say that it intends to issue the equivalent of A$500 million of bonds by the fourth quarter of this year and the rest will be issued next year. In the analysts' briefing, discussion was about the relative merits of issuing in the Euromarket or in the US. No mention was made of a domestic issue.